$XAU #Gold #Commodities #FX #Trading #Markets
Though it was stated clear during the previous meetings and the Jackson Hole conference that the Federal Reserve is not willing to cut rates, current economic state and outlooks announced by Mr. Jerome Powell will play a significant role in the valuation of the US Dollar.
The safe-haven precious metal is eager to break the dynamic resistance and continue the uptrend. At the time of writing of this article Gold price on Overbit is $1939 and is above the 200MA on a 4H chart, investors might look into the breakout from the descending channel to push the price further towards $1990 – $2000.
Overall, the bias in prices is: Upwards.
The projected upper bound is: 2,021.77.
The projected lower bound is: 1,863.27.
The projected closing price is: 1,942.52.
A big black candle occurred. This is bearish, as prices closed significantly lower than they opened. If the candle appears when prices are “high,” it may be the first sign of a top. If it occurs when prices are confronting an overhead resistance area (e.g., a moving average, trendline, or price resistance level), the long black candle adds credibility to the resistance. Similarly, if the candle appears as prices break below a support area, the long black candle confirms the failure of the support area.
During the past 10 bars, there have been 6 white candles and 4 black candles for a net of 2 white candles. During the past 50 bars, there have been 31 white candles and 19 black candles for a net of 12 white candles.
Momentum is a general term used to describe the speed at which prices move over a given time period. Generally, changes in momentum tend to lead to changes in prices. This expert shows the current values of four popular momentum indicators.
One method of interpreting the Stochastic Oscillator is looking for overbought areas (above 80) and oversold areas (below 20). The Stochastic Oscillator is 49.1433. This is not an overbought or oversold reading. The last signal was a buy 7 period(s) ago.
Relative Strength Index (RSI)
The RSI shows overbought (above 70) and oversold (below 30) areas. The current value of the RSI is 49.18. This is not a topping or bottoming area. A buy or sell signal is generated when the RSI moves out of an overbought/oversold area. The last signal was a sell 27 period(s) ago.
Commodity Channel Index (CCI)
The CCI shows overbought (above 100) and oversold (below -100) areas. The current value of the CCI is -7. This is not a topping or bottoming area. The last signal was a sell 11 period(s) ago.
The Moving Average Convergence/Divergence indicator (MACD) gives signals when it crosses its 9 period signal line. The last signal was a sell 0 period(s) ago.
Rex Takasugi – TD Profile
PREC.M.XAU= closed down -19.538 at 1,939.780. Volume was 8,900% above average (trending) and Bollinger Bands were 57% narrower than normal.
Open High Low Close Volume 1,959.298 1,962.480 1,937.419 1,939.780 24,959
Technical Outlook Short Term: Neutral Intermediate Term: Bearish Long Term: Bullish
Moving Averages: 10-period 50-period 200-period Close: 1,944.54 1,931.92 1,712.90 Volatility: 10 26 23 Volume: 2,496 499 125
Short-term traders should pay closer attention to buy/sell arrows while intermediate/long-term traders should place greater emphasis on the Bullish or Bearish trend reflected in the lower ribbon.
PREC.M.XAU= is currently 13.2% above its 200-period moving average and is in an downward trend. Volatility is extremely low when compared to the average volatility over the last 10 periods. There is a good possibility that there will be an increase in volatility along with sharp price fluctuations in the near future.
Our volume indicators reflect very strong flows of volume out of XAU= (bearish). Our trend forecasting oscillators are currently bearish on XAU= and have had this outlook for the last 17 periods.